Pedestrians pass the Cineworld Group Plc cinema in Aldershot, UK, on Monday, October 5, 2020.
Jason Aldeen | bloomberg | Getty Images
AMC said it is no longer in talks to acquire the theaters from Cineworld parent Regal, which filed for bankruptcy protection earlier this year.
Cineworld, based in the UK, has been in discussions with AMC to hand over some of its theaters after placing an order Chapter 11 bankruptcy in September.
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In a filing with the Securities and Exchange Commission on Wednesday, AMC said discussions with Cineworld’s lenders regarding assets in the United States and Europe have concluded. The reveal comes after AMC for another quarterly loss Last month though, revenue increased, as the theater chain spent more than it brought in.
The world’s largest cinema company is trying to reduce its debt burden, which has worsened during the pandemic as people congregate at home and streaming services thrive. Although audience attendance has rebounded recently, the disruption of movie productions over the past couple of years has hurt theater operators like AMC for new releases to boost ticket sales.
The outlook for 2023 looks more promising, with a healthy outlook List of highly anticipated new releases.
Read the full SEC filing here.
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